More law firms subject to cybercrime attacks

The Solicitors Regulation Authority, the solicitors’ watchdog, has said that law firms were the victims of cybercrime to the tune of £3 million in the first three months of this year. This was three times the amount for the same period last year.

Paul Philip, chief executive of the SRA, said: “The threat of criminals using IT to steal client’s funds is an increasing problem. It is important that law firms develop a culture where cyber security is treated as a serious priority, and take sensible steps to warn their clients about the risks.”

About half of cases involve money being used for house moves, the authority said. The National Fraud Intelligence Bureau has also reported increased risks around residential conveyancing transactions, with an 85% per cent increase in theft of property deposits in 2016.

Other targets for cybercriminals include inheritance money and law firms’ own money, said the SRA.

In a recent Law Society survey, more than a quarter of law firms said they had been targeted in the last year by fraudsters, with most attempted scams taking place online.